The Zacks Analyst Blog Highlights: Baker Hughes, Eni SpA, Schlumberger Limited, Halliburton & Occidental Petroleum - Press Re...
22 Dezembro 2011 - 6:30AM
Zacks
For Immediate Release
Chicago, IL – December 22, 2011 – Zacks.com announces the list
of stocks featured in the Analyst Blog. Every day the Zacks Equity
Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the
blog include Baker Hughes Inc. (
BHI), Eni SpA ( E), Schlumberger
Limited ( SLB), Halliburton Co. ( HAL)
and Occidental Petroleum Corporation ( OXY).
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Here are highlights from Wednesday’s Analyst
Blog:
Baker Hughes in $640M Iraq Venture
According to reports, oilfield service provider Baker
Hughes Inc. ( BHI) has clinched a contract worth $640
million to drill 60 wells in Iraq’s southern Zubair oil field.
Per market sources, the Iraqi cabinet and a consortium led by
Italy’s Eni SpA ( E) had accepted the Oil
Ministry’s request to award the three-year contract to the U.S.
company.
Other firms that were competing with Baker Hughes for the deal
were Schlumberger Limited ( SLB) and
Halliburton Co. ( HAL).
The Zubair field is among the largest oil fields in Iraq with a
proven reserve of 4.5 billion barrels. It was producing around
195,000 barrels a day prior to being awarded to the Eni-led group.
Since then, production has reached nearly 300,000 barrels a day. As
the full field-development is expected to conclude by 2016,
production is estimated to peak at 1.125 million barrels a day.
With plans to quadruple its oil output, Iraq has signed a string
of development contracts with global oil giants. Iraq aims to take
the field’s output to nearly 12 million barrels a day. This massive
output would be equally beneficial for oil service companies.
The Eni-led consortium had won a 20-year Zubair service contract
at an Iraqi licensing auction held in 2009. The Eni consortium
comprises Occidental Petroleum Corporation ( OXY),
Korea Gas Corp., or Kogas and Iraq’s state run Missan Oil Company.
Eni has a 32.81% interest while Occidental, Kogas and Missan have a
23.44%, 18.75% and 25% interest, respectively.
We expect Baker Hughes to boost its international spending as
worldwide demand shows an improvement, particularly in China,
India, developing Asia and the Middle East. Since the Middle East
holds immense potential for oil field development, the company’s
expansion in this market bodes well for its future.
Baker Hughes holds a Zacks #3 Rank, which is equivalent to a
Hold rating for a period of one to three months. For the long term,
we maintain a Neutral rating on the stock.
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BAKER-HUGHES (BHI): Free Stock Analysis Report
ENI SPA-ADR (E): Free Stock Analysis Report
HALLIBURTON CO (HAL): Free Stock Analysis Report
OCCIDENTAL PET (OXY): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
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